Stock Market Highlights, May 22: Sensex up 268pts, Nifty near 22600; Awfis Space IPO subscribed 1.5x

Stock Market Highlights on Wednesday, May 22, 2024: M-cap of all BSE listed companies settled at Rs 416 trillion or $5 trillion today

9:18 AM

Nifty opens higher, up 0.10%

9:18 AM

Sensex opens above 74,000-mark

9:10 AM

Sensex soars 0.29% in pre-open trade

9:10 AM

Nifty trades 0.21% higher in pre-open

9:04 AM

Currency check :: Rupee opens nearly flat

9:01 AM

Silver may top Rs 1,00,000 on MCX; buy the dips: Praveen Singh of Sharekhan

Silver price has risen sharply after the metal took out the psychologically crucial resistance of $30 on May 17. The metal gained momentum to surge to 11-year high as it hit the cyclical high of $32.50 on May 20. It tested this level again on May 21, though could not breach it. Lack of any major US data has also been instrumental in fuelling silver rally.  READ MORE

8:56 AM

Market-cap of BSE-listed firms hits $5 trillion; analysts see more upside ahead

Over the medium-to-long term, however, analysts remain bullish on the road ahead for Indian equities and expect the Sensex and the Nifty to trend higher. By December 2024-end, Gaurang Shah, senior vice-president at Geojit Financial Services expects the Sensex to hit the 80,000 mark and the Nifty 50 index to scale up to 25,000 levels. READ MORE

8:50 AM

Stocks to Watch, May 22: Apollo Tyres, Biocon, Gulf Oil, Ircon Int'l

Indoco Remedies:The company secured final approval from the United States Food and Drug Administration (US FDA) for an abbreviated new drug application for pregabalin capsules.
 

Biocon: Company’s arm, Biocon Biologics, announced that the US FDA has approved the company's first-to-file application for Yesafili.  READ MORE

8:46 AM

RIL, Sun Pharma, HDFC Bank, BHEL among 11 stocks to monitor on May 22

RIL:Oil-to-telecom conglomerate Reliance Industries (RIL) on Tuesday said Nel Hydrogen Electrolyser AS, a fully owned subsidiary of Nel ASA, has entered into a technology licensing agreement with it for electrolyser manufacturing in India. 
 

Sun Pharma: Pharmaceutical giant will release its Q4FY24 today, May 22. It is set to see a strong financial earnings on a year-on-year (Y-o-Y) basis for Q4FY24, showing a 8-14 per cent Y-o-Y jump in its topline, registering revenues in the range of Rs 11,858 crore and Rs 12,472 crore, according to brokerage estimates. The company recorded a revenue of Rs 10,930 crore in the Q4FY23. READ MORE

8:41 AM

Trading guide for May 22: BSE m-cap at $5 trn, Awfis Space IPO, FII selling

The total market capitalisation (market-cap) of all BSE-listed companies, however, touched $5 trillion for the first time in intraday deals on Tuesday, led by a strong rally in metal, power, and Central Public Sector Enterprises (CPSEs) stocks. READ MORE

8:37 AM

Fund Flow :: FIIs/FPIs sell equities worth Rs 1,874.54 crore on May 21

>> DIIs buy equities worth Rs 3,548.97 crore on May 21

8:33 AM

ALERT :: GIFT Nifty shows slight uptick

>> At 8:30 AM, GIFT Nifty was up 40 points

8:29 AM

Nifty Bank, PSU Bank signal bullish trend on charts; key levels here

This level is critical as a close above it would signal a strong bullish momentum, likely attracting further buying interest. Technical indicators support this strategy, emphasizing the importance of buying on dips to capitalize on the upward trend.  READ MORE

8:26 AM

NHPC, Tech Mahindra: Vinay Rajani of HDFC Sec bets on these 2 stocks

Buy NHPC(CMP-103.55): | Target Rs 110.20,118.50| Stop-loss Rs 96.50

 

Stock Price has broken out from downward sloping trend line on the weekly chart. Stock has surpassed the previous swing high resistance. Price rise was accompanied by rise in volumes. 
 

Stock price has been trading above all important moving averages, indicating bullish trend on all time frames. Indicators and oscillators have turned bullish on weekly charts. READ MORE

8:22 AM

Crude Oil, Natural Gas: Check key trading strategy, target price

OPEC's spare capacity is keeping oil prices stable amid geopolitical uncertainties in Iran and Saudi Arabia. Brent crude is trading near $84 a barrel, within a narrow range since November. The recent deaths of Iranian leaders and the Saudi Crown Prince's postponed trip have not significantly impacted prices, thanks to OPEC's ample spare capacity. Despite ongoing conflicts and lower demand growth expectations, oil prices remain steady. OPEC and allies are withholding 2 million barrels a day, with potential extensions expected at their June 1 meeting. READ MORE